South Africa inflation drops to lowest in over 4 years

South Africa inflation drops to lowest in over four years
South Africa's headline consumer inflation fell more than expected in October, to 2.8% year on year from 3.8% in September , statistics agency data showed on Wednesday.
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The South African Reserve Bank cut its main repo rate by 25 basis points to 7.75% as inflation continues to ease and said it continued to see a growth recovery taking hold.
South Africa records lowest consumer inflation rate since 2020
South African consumers have been under immense pressure over the past three years due to rising inflation. The annual inflation for food and non-alcoholic beverages dropped to 3.6 percent in October, the lowest since November 2019.
South African inflation drops to lowest since June 2020
South Africa's annual inflation rate slowed sharply to 2.8% in October, data showed on Wednesday, setting the stage for another interest rate cut by the central bank this week. Statistics South Africa said falling fuel prices were the primary driver of the slowdown in the headline rate from 3.
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South African Reserve Bank Governor Lesetja Kganyago said a review of its 3% to 6% inflation target was getting close to the end.
South Africa Inflation Rate Declines
The South African Reserve Bank is scheduled to meet on Thursday and could adjust interest rates. October inflation declined from 3.8 percent in the previous month, primarily because of falling fuel prices according to the national statistics agency. "Petrol and diesel prices declined by 5.3 percent between September and October," said Stats SA.
South Africa’s Cagey Central Bank to Cut Rates Sparingly in 2025
South African Reserve Bank Governor Lesetja Kganyago’s repeated emphasis of uncertainty is expected to translate, at most, into only a handful of additional interest-rate cuts next year.
Inflation plunges more than expected in South Africa
Independent economist Elize Kruger said fuel and food price developments play a greater role in October, which is considered a low survey month. South Africa’s government-regulated petrol and diesel prices fell by more than R1/ l in October.
South African rand slips, inflation fall drives bigger rate cut optimism
South Africa's rand slipped on Wednesday against a buoyant dollar, despite inflation dropping to its lowest level in more than four years, and as investors geared up for a policy announcement by the central bank on Thursday.
South African Reserve Bank cuts repo rate: a promising shift towards lower inflation ahead
For now, the inflation and interest rate outlook are the brightest they have been for years, testimony to the SA Reserve Bank’s relentless focus on inflation. That is something to raise a glass to.
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